* A deepening scandal in the futures-trading business has left an elder statesman of the industry hospitalised after a suicide attempt and regulators seeking to find out what happened to about $215 million of customer money allegedly missing from his firm Peregrine Financial Group Inc.

* JPMorgan Chase & Co plans to reclaim millions of dollars in stock from executives at the centre of the trading blunder that shocked Wall Street and tarnished the reputation of Chief Executive James Dimon. The bank is expected to claw back compensation from individuals including Ina Drew, who ran the company's Chief Investment Office, according to people familiar with the bank's plans.

* The House is expected to vote Wednesday to repeal President Barack Obama's health-care law, as Republicans continue their furious response to the Supreme Court decision to uphold the law.

* American Airlines parent AMR Corp plans to formally sound out potential partners about a merger or other investment deal in coming weeks, the company said, setting the stage for a showdown over the airline's path out of bankruptcy.

* Robert Diamond agreed to give up an additional bonus of up to £20 million ($31 million) as pressure from British lawmakers mounted on the former Barclays Plc chief executive over his role in an interest-rate-rigging scandal and its aftermath.

* China is ramping up state spending to counter its sharpest decline in growth since the financial crisis, further entrenching state-owned companies and dimming the hopes of some that China would use the slowdown to restructure its economy with market-oriented changes.

* Research In Motion Ltd's chairwoman said on Tuesday the company plans to further shake up its board, the latest move by the BlackBerry maker to appease frustrated shareholders.

* Amazon.com Inc is working with component suppliers in Asia to test a smartphone, people familiar with the situation said, suggesting that the Internet retail giant, which sells the Kindle Fire tablet computers, is considering broadening its mobile-device offerings.

FT

CALLS FOR OUTSIDERS TO TAKE BARCLAYS HELM

Top Barclays shareholders are demanding that the bank appoint an external chairman to repair its reputation following the damage done by the Libor price-rigging scandal. http://link.reuters.com/pur39s

UK companies face a substantial rise in the premiums they pay to insure their pension plans against a company default next year. http://link.reuters.com/rur39s

PEREGRINE ACCUSED IN $200 MILLION FRAUD CASE

The U.S. futures regulator has charged broker Peregrine Financial Group and its owner with running a $200 million fraud. http://link.reuters.com/zur39s

CHINA OPENS DOOR TO FOREIGN HEDGE FUNDS

China has given foreign hedge funds permission to tap its wealthy citizens inside the country for funds to invest overseas. http://link.reuters.com/tur39s

SPAIN PRESSED TO INFLICT LOSSES ON SAVERS

EU authorities are pressing Spain to inflict billions of euros of losses on small savers by wiping out certain types of bank debt before its financial institutions are recapitalised. http://link.reuters.com/vur39s

- Robert Diamond, who stepped down last week, faces criticism about his leadership as Barclays Plc deals with fallout from a scandal involving interest rate manipulation.

- Users of Facebook Inc, later this summer, will be reminded about NBC's coverage of the Olympic Games in London. And viewers of NBC's coverage, at the same time, will be nudged to talk about the Games on Facebook.

- Regulators on Tuesday took a major step toward reining in risky Wall Street trading, approving new rules aimed at preventing a repeat of the financial crisis.

- An accumulation of concerns caused Duke Energy's board to lose confidence in its chief executive, leading to his ouster just hours after completing a $32 billion merger with Progress Energy, according to testimony Tuesday by James Rogers - the man who replaced him.

- Spain's Prime Minister Mariano Rajoy is expected to announce to Parliament yet another package of austerity measures, this time meant to lower Spain's deficit to 6.3 percent of gross domestic product, as agreed to in Brussels on Tuesday.

Canada

THE GLOBE AND MAIL

- Canada's big banks are preparing to launch "virtual wallets" as early as this fall that will allow consumers to digitally consolidate their credit and debit cards from any financial institution, and use them to make purchases online and through their cellphones at cash registers.

- Enbridge Inc has been slammed in a scathing review of its massive Michigan pipeline spill, with a U.S. watchdog saying the company acted like "the Keystone Kops" and ignored safety procedures while suffering "pervasive organizational failures.

NATIONAL POST

- Canada's Foreign Affairs department issued a warning Tuesday to Iranian diplomats who are allegedly using their Ottawa embassy to recruit Iranian-Canadians to serve the Islamic Republic's interests.

FINANCIAL POST

- Bombardier Inc.'s CSeries program has gathered momentum at the Farnborough International Airshow this week despite concerns the first flight of the transcontinental jet might come down to the wire - its fly-by-wire system, that is.

Shorts are going to be scrambling today, probably all day. FOMC on tap after a fast 30 point downdraft in the S&P. Earnings issues = opportunity to buy the dip for long term investors, or at least that is the headline to eek out the next few percent in ES. Jawboning, Google and Apple coming right up.

Nevermind that his MPs are were on the take, that the banks ran circles around him, that he sold British gold at century lows to please his banker overlords, and that government spending already grew 40% during his tenure.

No, we all have to live in an even "fairer" society - where my additional income, which originates from working 12 hour days, has to be taxed at even higher rates, where my local council taxes has to be 3x the cost of those in Northern England (only for those proceeds to be sent there to buy Labour votes), where you actively get penalized for creating a stable environment for kids (ie, the marriage tax), and where all sorts of transportation expenses gets ever-heftier taxes associated, ultimately culminating in a complete lack of reason for commuting to work, as it gobbles up all spare income.

No, we still have to be even "fairer". Because it's only "fair" that Labour's council scum voters get even MORE transfer payments and tax credits, while the ever-squeezed middle class gets cut from existance.

"Canada's big banks are preparing to launch 'virtual wallets' as early as this fall that will allow consumers to digitally consolidate their credit and debit cards from any financial institution, and use them to make purchases online and through their cellphones at cash registers."